Hotel Equities to develop $52M Residence Inn Miami Beach/Surfside

Atlanta-based hotel management, ownership and development company Hotel Equities has executed a franchise agreement to co-develop a new-construction, $52-million Residence Inn by Marriott in Miami Beach/Surfside, Fla.
Hotel Equities will co-develop the 175-room hotel with Hotel Development Partners, a joint venture with Atlanta-based IRE Capital. Groundbreaking is scheduled for January 2014 with opening anticipated in late spring 2015.
“Once open, the up-scale Residence Inn, in the very exclusive Surfside area of Miami Beach, will be a flagship property for Hotel Equities and a real win for our associates, guests and investors,” said Fred Cerrone, president and CEO of Hotel Equities. “The distinctive resort-style building with design touches that reflect the flavor of the area will make the hotel a favorite for both short and longer-term guests seeking upscale suites in the Miami Beach/Surfside market.”
The hotel will be located in the northwest corner of the intersection of Collins Avenue and 92nd street in Miami Beach (Surfside).
The four-story property will also offer ocean views from a roof-top pool surrounded by cabanas and a full bar. On the main floor, the communal-designed lobby and public space incorporates a tropical feel and features a "Miami Beach-chic" lobby bar. The attached 191-space parking deck offers both self-park and valet options.
The Residence Inn Miami Beach/Surfside marks the second venture for Hotel Development Partners and the first of three new development projects. For its first deal, HDP acquired the 105-room Fairfield Inn & Suites in Charleston, South Carolina in November 2012.



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